Industry
An Ontario arbitrator has awarded a $5,000 ‘special award’ against Economical Mutual Insurance Company after the company denied a claim on the basis that the claimant, Roda Egal, had not provided a reason for a delay in making her application following her injury in a motor vehicle accident. Four months after the accident, Egal’s lawyer […]
By Canadian Underwriter | June 26, 2012
3 min read
The Office of the Superintendent of Financial Institutions (OSFI) has released a draft of its 2013 Minimum Capital Test (MCT) Guideline for industry consultation. The draft guideline includes new amounts to be deducted from or adjusted within total capital available, including net defined benefit pension plan assets. The change was made in response to amendments […]
By Canadian Underwriter | June 25, 2012
1 min read
Insurance companies in the United Kingdom can “shift the customer satisfaction curve” in claims by focusing on big data, analytics and operational excellence, according to a recent study by Celent. “Tweaking” the claims process by ensuring that insurers communicate using their customers’ preferred methods (i.e. SMS, email, letter, etc.) is the easiest investment for insurers […]
2 min read
The Bermuda Monetary Authority (BMA) says it is confident it will achieve equivalence with Europe’s proposed Solvency II capital provisions, following high-level talks with European officials in Brussels earlier this month. In the meantime, the BMA expressed confidence that a promise to exempt captive insurance firms in Bermuda from those provisions will be honoured. The […]
The issue is not if, but how, insurers should leap into the world of social media, a new report from Accenture has concluded. “Insurers, of course, really have no choice about participating in social media,” the consulting firm noted in its study, Insurers and Social Media: Vast Potential, Significant Challenges. “With people engaged in social […]
By Canadian Underwriter | June 22, 2012
Software provider Brovada has laid claim to being first out of the gate in North America for introducing a real-time policy change XML upload without the need for a broker to interact with a company portal. Brovada gave a live demonstration of its new technology in Toronto on June 21. “This is a big announcement […]
A new study from Cisco indicates 65% of respondents globally would favour bank branches offering an expanded portfolio of financial and advisory services, including insurance. The Cisco Internet Business Solutions Group (IBSG) Omnichannel Study: Winning Strategies for Omni-Channel Banking surveyed 5,300 consumers in both developed and emerging countries, including Canada, France, Germany, United States, United Kingdom, […]
By Canadian Underwriter | June 21, 2012
ACE Canada, the Canadian-based operating division of the ACE Group, has launched ACE Advantage Architects and Engineers professional liability insurance. The new product provides domestic and international coverage against perils faced by design professionals, including professional negligence, pollution incidents and personal injury. “Canadian design professionals are increasingly called to conduct business in emerging economies,” said […]
The growth of unstructured, disparate information will create problems for insurance companies that don’t have the technology infrastructure or tools to handle it, according to a recent report from consulting firm Novarica. ‘Big Data,’ defined as data sets that are too large or complex to work with using traditional database systems, could create a broad […]
Approved Surety Co., a surety wholesaler and managing general agency (MGA) to Canadian and U.S. insurance brokerages and agencies, has been appointed MGA for Fenchurch General Insurance Company’s surety division. Approved Surety – which assists with securing surety facilities for small and emerging contractors, and services industries outside the traditional surety box – has partnered […]
By Canadian Underwriter | June 20, 2012
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